A 69-year-old man living in Evia, Greece, has lost 89,000 euros after being targeted in an elaborate cryptocurrency investment scam that began with a random text message.
The victim was initially approached by an unknown woman who invited him to join a closed cryptocurrency study group, before perpetrators used fake branding to gain his trust.
Speaking to Greek television network Mega Channel, the man described how the operators established credibility by setting victims up on a platform using demo money at first. He explained that he monitored the platform on his computer and found that the simulated balances matched what the administrators told him.
He added that the scheme included an online learning group led by a supposed professor whose daily economic predictions appeared to consistently come true on the following day.
Evia is the second-largest island in Greece, situated along the eastern coast of the Greek mainland. Mega Channel operates as one of the country's main commercial television networks.
Fake JP Morgan Branding and Promised Returns
To give their operation authority, the fraudsters usurped the logo of American banking giant J.P. Morgan and designated victims as VIP nuclear members. The group promised investment yields reaching up to 1,600 percent.
JPMorgan Chase & Co. is a multinational financial services firm based in New York. Fraudulent investment schemes often misappropriate the identity of major financial institutions to deceive retail investors into transferring funds.
Following his initial interaction, the 69-year-old made a series of bank transfers over several days. The major financial blow took place on August 5, bringing the total sum taken to 89,000 euros.
Despite the theft of his money, the fake platform continued to display expected profits of up to 1,700,000 euros. An alleged assistant named Diana subsequently sent a text message giving false hope, before demanding an eight percent service fee on the projected profits.
The victim informed Mega Channel that he was expected to deposit 95,000 euros for the fee. When he told his contact that he lacked the funds, she asked how much he had so she could assist. He disclosed that he had 70,000 euros, though he later noted he could have claimed to have 40,000 or 50,000 euros to save the remainder.
Bank Dispute and Investigation
Upon realizing he had been scammed, the 69-year-old immediately contacted his bank to dispute the transactions. A preliminary police investigation to trace the digital footprints of the perpetrators is currently in progress.
